Canadian Market Is Up Marginally; Energy Stocks Post Strong Gains

(RTTNews) - The Canadian market is marginally higher a little past noon on Monday with energy and materials shares posting strong gains on firm commodity prices. The overall mood remains a bit cautious with investors looking for fresh triggers.

The benchmark S&P/TSX Composite Index is up 32.87 points or 0.15% at 22,016.95 about half an hour post noon.

The Energy Capped Index is up 1.75%. Athabasca Oil Corp (ATH.TO) is gaining 4.5%. Precision Drilling Corp (PD.TO), Vermilion Energy (VET.TO), Advantage OIl & Gas (AAV.TO), Cenovus Energy (CVE.TO), Crescent Point Energy (CPG.TO), MEG Energy Corp (MEG.TO), Baytex Energy (BTE.TO), Imperial Oil (IMO.TO) and Suncor Energy (SU.TO) are up 2 to 3.4%.

Materials shares Algoma Steel Group (ASTL.TO), Equinox Gold Corp (EQX.TO), Fortuna Silver Corp (FVI.TO), Iamgold Corp (IMG.TO), Lithium Americas Corp (LAC.TO), West Fraser Timber (WFG.TO) and K92 Mining Inc (KNT.TO) are gaining 2 to 3.5%.

Among other gainers, Molson Coors Canada (TPX.A.TO) is rising 5.7%, Lightspeed Commerce (LSPD.TO) is up 5.2%, Hut 8 Corp (HUT.TO) is gaining nearly 4% and JamiesonWellness (JWEL.TO) is advancing 2%.

Among the losers, Canopy Growth Corporation (WEED.TO) is down more than 15% and Aurora Cannabis (ACB.TO) is down 13%, turning weak after recent hefty gains.

Dayforce (DAY.TO), Magna International (MG.TO), CCL Industries (CCL.A.TO), GFL Environmental (GFL.TO), CGI Inc (GIB.A.TO), Cameco Corporation (CCO.TO), Canadian Pacific Kansas City (CP.TO), BRP Inc (DOO.TO) and RB Global (RBA.TO) are down 1 to 4%.